The rupee traded on a weak note during the day, breaching the 71-mark against the US dollar to hit 71.14 amid strengthening of the greenback. Forex traders said the strength of the US dollar against other overseas currencies and foreign fund outflows weighed on the local unit.

Global Markets

US stock futures and Asian shares slumped on Thursday after Canadian authorities arrested a top executive of Chinese tech giant Huawei for extradition to the United States, feeding fears of a fresh flare-up in tensions between the two superpowers.

Canadian authorities said they had arrested Huawei’s global chief financial officer in Vancouver, where she is facing extradition to the United States.

The arrest is related to violations of US sanctions, a person familiar with the matter said, though officials have so far stayed mum on her allegations.

Oil Prices

Oil prices dipped on Thursday as stock markets slid and as traders eyed an OPEC meeting expected to result in a supply cut aimed at draining a glut that has pulled down crude by 30 percent since October.

International Brent crude oil futures were at $61.35 per barrel, down 21 cents, or 0.3 per cent from their last close. US West Texas Intermediate (WTI) crude futures were at $53.17 per barrel, down 28 cents, or 0.5 per cent.